News: Suncorp FY profit slumps 42%

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Suncorp Group Limited's (ASX:SUN) full year net profit has slumped 42 per cent, weighed down by claims and re-insurance costs arising from natural disasters.

 

In the 2011 financial year the insurer and regional bank recorded a net profit of $453 million, coming in higher than the $420 million expected by some analysts.

Over the year revenue from ordinary activities increased 21 per cent to $19 billion.

Suncorp says its business performed well on an underlying basis in a period of broader economic volatility and that it is on track to achieve its targets.



A fully franked dividend of 20 cents per share has been declared, bringing the full year payout to 35 cents per share.